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Renovation Home Loans

April 7, 2015

In this crazy housing market, we need all the help we can get.  Depending on the price range, 40 offers is not unlikely on a super cute, dialed-in home.  And winning that race means you're likely paying all cash at well over asking price.

 

What's a normal person who needs conventional financing to do? Well, keep trying.  Our hope is that inventory will begin increasing closer to summer - when it's easier for families to move.

 

Or perhaps you can use your imagination with a house that needs a little work.  Not the handy type? Consider a renovation loan - where you can lump the price of the renovations (everything from major structural issues to kitchen remodels to cosmetic upgrades like paint - or even new appliances).

 

How does it work?  In simple terms, you get a loan which covers the price of the house + the renovations (which will include a 10-20% contingency).  The appraisal is based on the value of the home AFTER the renovations. I've heard of a couple adding an ADU and increasing their equity by about $50K (and having their renter pay for almost 50% of their mortgage).

 

Need help with finding this dream home?  Call me, I'd love to help realize your vision.

 

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